Afrinvest Stock Recommendations for the Week 090320

Monday, March 09, 2020 / 10:59 AM / Afrinvest Research / Header Image Credit: Afrinvest 

Market Last Week (Our Observations)

• Last week, the local bourse recorded a positive performance as the All-Share Index (ASI) appreciated 0.2% w/w to settle at 26,279.61 points. As a result, YTD return moderated to -2.1% while market capitalisation advanced N37.4bn to N1.3.7tn.
• Sector performance was bullish as 4 of 6 indices under our coverage gained. The Industrial and Consumer Goods indices were the losers, down 4.3% and 5.9% respectively. Conversely, the Banking and Insurance indices rose 3.8% and 1.4% respectively. Likewise, the AFRI-ICT and Oil & Gas indices gained 1.8% and 0.8% in that order. 
• The best performing stocks for the week were UAC-PROP (+22.9%), UAC (+18.9%) and LAWUNION (+16.7%) while UNILEVER (-13.3%), WAPCO (-11.9%) and NESTLE (-10.0%) led laggards.

Market This Week (Our Expectations)

• The Afrinvest Weekly Sentiment Indicator strengthened to 2.2x from the 0.8x recorded in the previous week.
• We anticipate a mixed performance in the coming week as we expect both profit taking activities and bargain hunting to dominate trade.

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